Azora Adds Two Urban Hostels in Dublin and Barcelona

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Published on 30/04/24 - Updated on 30/04/24

Azora

Azora, has expanded its Latroupe platform by acquiring two urban hostels in Dublin and Barcelona. This move marks Azora's entry into the Irish hotel market and strengthens its presence in Spain, adding 557 beds to its hostel portfolio.

The acquisition, completed through Azora European Hotel and Lodging Fund (AEHL), involved purchasing the Jacobs Inn hostels in Dublin and Barcelona from a fund managed by BlackRock. During the transaction, Azora sought counsel from Pinsent Masons, KPMG, and Arcadis, while BlackRock engaged JLL, Colliers, Matheson LLP, CMS, and PWC.

The properties in Dublin and Barcelona, previously operated by Siggis Capital, will now be managed by Latroupe, Azora's pan-European city hostel operator.

The Dublin hostel, boasts 412 beds and the Barcelona hostel, which is recently constructed, offers 145 beds and is in a phase of growth.

“This acquisition represents a rare opportunity to acquire an urban portfolio in two attractive destinations which benefit from strong domestic and international tourism. The transaction also provides us with the chance to expand Latroupe’s footprint and to continue consolidating our urban hostels portfolio as a key part of our wider hospitality strategy through the entry into important new markets such as Ireland.”- Concha Osacar, one of Azora’s Founding Partners 

“The transaction highlights Latroupe’s ambition to keep growing and adding new assets to the platform across some of the most consolidated European destinations. We are actively seeking new investment opportunities through the purchase of existing assets and through management agreements with property owners who want to leverage on Latroupe's technology and know-how to grow their business. Our aim is to be the reference brand for our customers when they travel in Europe, thanks to the quality of our service and our promise to connect travellers with the best of the local scene in each city.”- Carlos Cano, Latroupe’s Managing Director

The addition of these assets strengthens Latroupe's European presence, which currently operates in Madrid, Bilbao, and Brussels, totaling 700 beds.

The transaction, valued at approximately 55 million euros, underscores Azora's intention to continue expanding its portfolio across Europe.

Azora

Azora

Consulting Company

  • Azora Europe
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